John Clare named Capital & Regional chairman

16th Jun 2010 10:46

Capital & Regional announced the appointment of John Clare as chairman of the property asset manager with effect from 29 June.Clare, who is succeeding Tom Chandos, was previously chief executive of Dixons between 1993 and 2007 and a non-executive director of Hammerson between 1988 and 2009. He is currently chairman of JJB Sports and Dreams."I am delighted to be joining the Capital & Regional Board as its Chairman," Clare said."This remains a challenging time for the property sector but I am very confident that the company has the necessary skills and experience to deliver good returns for its shareholders over the next few years and I look forward to being a part of that future," he added.In a separate announcement Capital & Regional (C&R) has, along with its joint venture partner, completed the sale of the companies that own the Manchester Evening News Arena to subsidiaries of Development Securities.The sale was originally announced on 12 May 2010.C&R held a 30% interest in the property. The transaction reflects a price paid for the property of £62.2m at a net initial yield of 7.15%, which is a small premium to the 31 December 2009 valuation.